Plastics Industry Value Addition and Profit Margin Analysis Report by 2030

The global plastics industry size stood at 307,966.7 kilotons in 2021 and will observe an upward growth trajectory on the back of heightened demand from automotive, food & beverage, consumer goods, packaging and electrical & electronics, according to the "Plastics Industry Data Book, 2023-2030," published by Grand View Research. In essence, the automakers have upped investments in lightweight plastics, thereby helping reduce emissions. However, a UNEP study infers that plastics-linked GHG emissions could contribute 15% of the total emissions allowable by 2050. Incumbents are poised to bank on recycled materials to foster their sustainability profile and brand position.

An unprecedented rise in plastic waste, along with unsatisfactory end-of-life waste management, has compelled governing bodies to prioritize a circular economy. A robust approach to preventing plastic pollution could see recycled plastics gain ground globally. Prominently, businesses have exhibited huge traction for plastics for durability and protection from contaminants.

The urge to make plastics more sustainable will encourage manufacturing firms to use sustainable plastics. The global recycled plastics market size garnered 50,465.24 kilotons in 2021 and will depict a CAGR of 3.3% from 2022 through 2030. A marked rise in plastics recycling rates and better plastic waste treatment could facilitate the circular economy. Forward-looking companies will likely focus on diverting waste plastics towards recycling facilities, a trend poised to favor market growth.

Order your copy of the Free Sample of "Plastics Industry Data Book - Plastic Resins, Plastic Additive, Plastic Compounds and Recycled Plastics Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research

Amidst soaring demand and material shortages, plastic resins have witnessed a proliferation in consumption across automobile parts, packaging, medical devices, electronics and construction. Resin shortage is traced to the brutal winter storm and the COVID-19 onslaught. For instance, in Q1 2021, oil refineries across large parts of the U.S., including Texas and Louisiana, were shut down due to storms. Meanwhile, a dip in energy costs and heightened demand for epoxy resins made from organic materials will accentuate the industry outlook. The global plastic resins market size stood at 349.628.9 kilotons in 2021 and will observe a 3.2% CAGR through 2030.

Stakeholders are expected to deliberate upon the following opportunities and trends to tap into the global landscape:

• The rising footfall of residential and commercial spaces across emerging regions will propel the penetration of plastic additives. Besides, the need to enhance the shelf-life, reduce the risk of microbes and boost the aesthetic value will foster the demand for additives.
• An exponential rise in plastic consumption in the automotive sector and the use of PET in bottle production will augur innovation for plastic compound manufacturers.
• Asia Pacific market will provide compelling growth opportunities on the back of bullish construction activities, surging demand for consumer goods and expanding automotive sector.

Industry participants expect North America plastics industry to witness investment galore on the heels of heightened demand for the material in durable goods, including furniture and appliances and non-durable products, such as medical devices, disposable diapers, cups, trash bags and utensils. Additionally, the food & beverage sector across the U.S. and Canada has shown traction for PET beverage bottles, HDPE bottles for water and other materials for bags, lids and containers.

An unprecedented spike in plastic pollution across U.S. and Canada has underscored the recycled plastic trend. The UNEP infers that plastics contribute 85% of total marine waste, prompting governing bodies and other stakeholders to push for recyclability. For instance, in March 2022, BASF Venture Capital announced an infusion of funds into Oceanworks to make it easier to source recycled plastics. The startup will use digitized blockchain technology for traceability.

Go through the table of content of Plastics Industry Data Book to get a better understanding of the Coverage & Scope of the study

The competitive landscape suggests that key players will emphasize organic and inorganic strategies, including geographical expansion, product offerings, R&D activities, technological advancements, innovations and mergers & acquisitions. To illustrate, in August 2022, Covestro announced robust plans to establish mechanical recycling (MCR) of polycarbonates in Shanghai to deliver over 60,000 tons of polycarbonates in the Asia Pacific with recycled content until 2026. The first dedicated line is expected to keep up with the demand for sustainable solutions in manufacturing consumer goods, electrical and electronic products and automotive applications.

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Plastic Resins Market Porter's Five Forces Analysis and Technology Landscape

Plastic Resins Industry Overview

The global plastic resins market size is expected to reach USD 1.07 trillion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a 4.5% CAGR over the forecast period. The increasing consumption of plastic resins in construction, automotive, electrical, and electronics applications is boosting the market growth. Government intervention to reduce overall vehicle weight to improve fuel efficiency and reduce carbon emissions has prompted automakers to use resins to replace steel and aluminum in automotive components.

Favorable federal regulations on CO2 emissions set by agencies such as the National Highway Traffic Safety Administration and the Environmental Protection Agency (EPA), as well as EU initiatives to develop plastics applications for light-weight and fuel-efficient cars, are expected to fuel global growth and promote the market. However, the ongoing health crisis and the lockdown imposed by various governments to contain the spread of the coronavirus pandemic have led to a decline in the consumption of plastic resins. It is expected to further negatively impact the market growth in the years to come.

Plastic Resins Market Segmentation

Grand View Research has segmented the global plastic resins market report based on product, application, and region:

Based on the Product Insights, the market is segmented into Crystalline Resin, Non-crystalline Resin, Engineering Plastic, and Super Engineering Plastic

• The crystalline resins product segment accounted for the maximum revenue share of more than 62% in 2021 and is expected to maintain its dominance throughout the forecast period.
• The Polyethylene (PE) resin sub-segment accounted for a prominent share in the crystalline type segment owing to their increasing demand from food packaging, stretch wrap, medical applications, etc.
• The super engineering plastic segment is expected to grow at a CAGR of 5.3% during the forecast period. This can be primarily attributed to the wide usage of these products in semiconductor packaging, high-speed connectors packaging, and medical applications, due to their high electrical and thermal properties.

Based on the Application Insights, the market is segmented into Packaging, Automotive, Construction, Electrical & Electronics, Logistics, Consumer Goods, Textiles & Clothing, Furniture & Bedding, Agriculture, Medical Devices, and Others

• The packaging segment accounted for the highest revenue share of more than 36% in 2021 and is projected to expand further at a steady CAGR over the forecast period.
• The growing packaging industry supported by the increasing demand for packaged foods and beverages will boost the segment growth.
• The automotive application sector is expected to witness prominent growth in the market over the coming years supported by the increasing utilization of plastics in automotive components coupled with a rise in the production of passenger cars as well as heavy-duty vehicles, particularly in Asia Pacific and Central & South America regions.
• The medical devices application segment is estimated to register the fastest CAGR from 2022 to 2030.

Plastic Resins Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The global plastic resins market is significantly fragmented owing to the presence of a large number of local as well as regional players. The global players face intense competition from each other as well as from the regional players who have strong distribution networks and good knowledge about regulations and suppliers. Key manufacturers are continuously focusing on strengthening their presence in the emerging markets of the Asia Pacific and Middle East & Africa through different expansion strategies.

Some prominent players in the global Plastic Resins market include:

• BASF SE
• SABIC
• Dow Inc.
• Evonik Industries
• Sumitomo Chemical
• Arkema
• Celanese Corporation
• Eastman Chemical Company
• Chevron Phillips Chemical Co., LLC
• Lotte Chemical Corporation

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